Fiscal Responsibility Bill

In his opening remarks, the Chancellor made much of the need not to reduce the deficit too fast. However, his written statement to the House on 2 December reported on ECOFIN—I presume that either he or the Chief Secretary attended and agreed with the recommendations —which called on the UK to reduce its budget deficit below 3 per cent. of GDP, or half the level in this Bill, by the 2014-15 financial year. He suggests that the approach in the Bill is prudent, but in another context he suggests that we go twice as fast. Can he account for that disparity?